Accounting Question

Learning Goal: I’m working on a accounting project and need support to help me learn.

Assignment Question(s): (Marks 15)

Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards. (Mark 1)

b. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph. (Mark 1)

Q2. An adjusting journal entry is typically made just prior to issuing a company’s financial statements. What do you understand by adjusting entries? Give examples (Marks 2)


Q3. Presented below is information related to CHO Co. for the month of January 2018.


Cost of Goods Sold 202,000 Salary expense 61,000
Freight-out 7,000 Sales discount 8,000
Insurance expense 12,000 Sales returns and allowances 13,000
Rent expense 20,000 Sales 340,000
Dividends 1,000    


Instructions: Prepare the closing entries. (Marks 4)

Q4. The retained earnings statement of XYZ Corporation on 31st December 2021 had the following balances:

Balance, January 1 SAR 165,000
Net income 35,000
Dividends (20,000)
Balance, December 31 $ 180,000


However, before issuing the report for the year ended December 31, 2021, it discover a SAR 20,000 error undervalued inventory that overstated the net income to be higher in 2020 and overvalued depreciation amount of $5,000 which understated net income in 2020. How would this discovery have an impact on the reporting of the Statement of Retained Earnings for 2021? ? (Marks 3)


Q5. a. Presented below is the adjusted trial balance of Abdullah Corporation at December 31, 2020.

Accounts Payable 10,000

Wages Payable 500

Unearned Service Revenue 2,000

Bonds Payable, due 2017 9,000

Share Capital – Ordinary 10,000

Share premium 2000

Retained Earnings 20,000

Net loss 2500

Required: Prepare a classified section on Equity and Liabilities. (Marks 3)

b. What are the requirements of IFRS for a complete set of financial statements be presented annually? (Mark 1)

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Buy An Essay, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email:

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Buy An Essay has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.


Essay Writing Services

At Buy An Essay, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.


Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.


Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.


Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.